Wheaton Precious Metals Corp (WPM) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Wheaton Precious Metals 2025 first quarter results conference call. (Operator Instructions). I would like to remind everyone that this conference call is being recorded on Friday, May 9, 2025 at 11:00 AM Eastern Time.

女士們、先生們，早安。感謝您的支持。歡迎參加惠頓貴金屬2025年第一季業績電話會議。（操作員指令）。我想提醒大家，本次電話會議將於 2025 年 5 月 9 日星期五東部時間上午 11:00 進行錄製。

I will now turn the conference over to Emma Murray, Vice President of Investor Relations. Please go ahead.

現在我將會議交給投資者關係副總裁 Emma Murray。請繼續。

Thank you, Andrew. Good morning, ladies and gentlemen, and thank you for participating in today's call. I'm joined today by Randy Smallwood, Wheaton Precious Metals' President and Chief Executive Officer; Vincent Lau, Senior Vice President and Chief Financial Officer; Haytham Hodaly, Senior Vice President, Corporate Development; and Wes Carson, Vice President, Mining Operations.

謝謝你，安德魯。女士們、先生們，早安，謝謝你們參加今天的電話會議。今天與我一起出席的還有惠頓貴金屬公司總裁兼首席執行官蘭迪·斯莫爾伍德 (Randy Smallwood)、高級副總裁兼首席財務官文森特·劉 (Vincent Lau)、企業發展高級副總裁海瑟姆·霍達利 (Haytham Hodaly) 和採礦運營副總裁韋斯·卡森 (Wes Carson)。

Please note for those not currently on the webcast, a slide presentation accompanying this conference call is available in PDF format on the Presentations page of our website. Some of the comments on today's call may include forward-looking statements. Please refer to slide 2 for important cautionary information and disclosures. It should be noted that all figures referred to on today's call are in US dollars.

請注意，對於目前未參加網路直播的用戶，可以在我們網站的簡報頁面上以 PDF 格式取得本次電話會議的幻燈片簡報。今天電話會議上的一些評論可能包括前瞻性陳述。請參閱投影片 2 以了解重要警告資訊和揭露。值得注意的是，今天電話會議中提到的所有數字都是以美元計算的。

With that, I'd like to turn the call over to Randy Smallwood, our President and Chief Executive Officer.

說到這裡，我想把電話轉給我們的總裁兼執行長蘭迪·斯莫爾伍德 (Randy Smallwood)。

Thank you, Emma, and good morning, everyone. Thank you for joining us today to discuss Wheaton's first quarter results of 2025. Before we begin, I would like to take a moment to honor founding Board member, Peter Gillin, who passed away last week. As our longest-serving director, Peter played a pivotal role in shaping Wheaton into the company that it is today. His unwavering integrity strategic vision and deep commitment left a lasting impact on all of us.

謝謝你，艾瑪，大家早安。感謝您今天加入我們討論惠頓 2025 年第一季的業績。在我們開始之前，我想花點時間紀念上週去世的創始董事會成員彼得·吉林 (Peter Gillin)。作為我們任職時間最長的董事，彼得在將惠頓塑造成如今的樣子的過程中發揮了關鍵作用。他堅定不移的正直、戰略眼光和堅定的承諾給我們所有人留下了持久的影響。

More than a respected leader, Peter was a trusted colleague and a very dear friend. On behalf of the Board of Directors, management and staff, we extend our heartfelt condolences to Peter's family and loved once during this difficult time.

彼得不僅是一位受人尊敬的領導者，也是一位值得信賴的同事和非常親密的朋友。我謹代表董事會、管理階層和員工，向彼得的家人和親人致以最深切的慰問，感謝他們在此艱難的時刻所做的努力。

I'd now like to turn back to our quarterly results, which marked a very strong start to the year. As several of our core assets exceeding production expectations, we delivered record quarterly revenue, adjusted net earnings and operating cash flow.

現在我想回顧一下我們的季度業績，這標誌著今年的開局非常強勁。由於我們的幾項核心資產的生產超出預期，我們實現了創紀錄的季度收入、調整後淨收益和營運現金流。

Looking ahead, 2025 is shaping up to be a catalyst-rich year with four development projects scheduled to come online over the course of this year. Notably, the Blackwater Mine owned by Artemis Gold achieved its first gold and silver pour in January and just last week announced commercial production. Our corporate development team remains actively engaged in evaluating new opportunities, and we continue to see a healthy appetite for streaming as a competitive source of capital for the mining industry.

展望未來，2025 年將成為催化劑豐富的一年，今年將有四個開發案上線。值得注意的是，Artemis Gold 旗下的 Blackwater 礦場於 1 月首次產出金銀，並於上周宣布商業化生產。我們的企業發展團隊仍在積極評估新的機會，並且我們繼續看到對串流媒體作為採礦業競爭性資本來源的健康需求。

During the quarter, we were once again recognized amongst Corporate Knight's 100 most Sustainable Corporations in the World for 2025, a multi-sector accolade that we are very proud of. Founders and architects of sustainable streaming, this accomplishment is reflective of our continuing commitment to operate responsibly in all facets of our business. This includes our work to help build healthy vibrant communities through purposeful investments wherever our partners stream-related operations are located.

本季度，我們再次被 Corporate Knight 評為 2025 年全球 100 家最具永續發展能力的公司之一，我們為這一跨行業的榮譽感到非常自豪。作為永續串流媒體的創始人和設計者，這項成就體現了我們持續致力於在業務的各個方面負責任地運作。這包括我們的工作，無論我們的合作夥伴的溪流相關業務位於何處，我們都將透過有目的的投資來幫助建立健康充滿活力的社區。

Following the success of Wheaton's inaugural Future of Mining Challenge, an initiative that seeks to support the mining industry to become more efficient while minimizing its environmental impact, I am pleased to announce the theme, the 2025-2026 initiative will focus on sustainable [water] management, an exceptionally important component to any mining operation. Company will begin receiving expressions of interest next month. So please stay tuned for further details.

繼惠頓首屆「未來採礦挑戰賽」取得成功之後，我很高興地宣布，2025-2026 年倡議的主題將側重於可持續[水]管理，這是任何採礦作業中極其重要的組成部分。該倡議旨在支持採礦業提高效率，同時最大限度地減少對環境的影響。公司將於下個月開始接收意向書。因此請繼續關注更多詳細資訊。

And with that, I would now like to turn the call over to Wes Carson, our Vice President of Operations, who will provide more details on our operating results. Wes?

現在，我想將電話轉給我們的營運副總裁韋斯卡森 (Wes Carson)，他將提供有關我們營運績效的更多詳細資訊。韋斯？

Thanks, Randy, and good morning, everyone. Overall production in first quarter even higher than expected, primarily driven by strong outperformance at Salobo. In the first quarter of 2025, Salobo delivered over 71,300 ounces of attributable gold production, an increase of approximately 16% compared to Q1 2024. This was primarily driven by higher throughput and grades. Strong overall performance this quarter reflects the ongoing ramp-up of the Salobo III expansion and continued operational improvements at Salobo I and II.

謝謝，蘭迪，大家早安。第一季的整體產量甚至高於預期，主要得益於 Salobo 的強勁表​​現。2025 年第一季度，Salobo 黃金產量超過 71,300 盎司，與 2024 年第一季相比成長約 16%。這主要是由於更高的吞吐量和等級所致。本季強勁的整體表現反映了 Salobo III 擴建的持續推進以及 Salobo I 和 II 的持續營運改善。

On March 4, 2025, Vale Base Metals informed us that the second phase of the Salobo III expansion had been completed, having achieved a sustained throughput capacity of over 35 million tonnes per annum for a 90-day period.

2025 年 3 月 4 日，淡水河谷基本金屬公司通知我們，薩洛博 III 擴建計畫第二階段已經完工，在 90 天內實現了每年超過 3,500 萬噸的持續吞吐能力。

Following our review of the test results, we advanced the final expansion payment of $144 million to Vale Base Metals in early April. Constancia produced over 550,000 ounces of attributable silver and 4,900 ounces of attributable gold in Q1 of 2025, a decrease of approximately 13% and 65%, respectively, compared to Q1 2024.

在審查了測試結果後，我們在 4 月初向 Vale Base Metals 預付了 1.44 億美元的最終擴建款項。2025 年第一季度，康斯坦西亞礦生產了超過 55 萬盎司白銀和 4,900 盎司黃金，與 2024 年第一季相比分別下降了約 13% 和 65%。

The reduction to gold and silver production was expected and due mainly to lower grades as the more material was mined from the Constancia pit and reclaimed from the stockpile compared to the prior year. Peñasquito deposit, which contained relatively higher gold grades is expected to be depleted by early 2025.

黃金和白銀產量的減少是意料之中的，主要原因是與前一年相比，從康斯坦西亞礦坑開採和從庫存中回收的材料更多，導致金銀品位較低。Peñasquito 礦床的金品位相對較高，預計到 2025 年初將會枯竭。

As Randy stated, we were excited to see the Blackwater announce the first gold pour and silver in the first quarter, resulting in attributable production of 1,000 ounces of gold 5,000 ounces of silver. Most recently, on May 2, Artemis declared that commercial production has been achieved at the Blackwater Mine delivering in excess of 90% of its planned tonnage.

正如蘭迪所說，我們很高興看到黑水公司宣布第一季首次產出黃金和白銀，最終生產了 1,000 盎司黃金和 5,000 盎司白銀。最近，5 月 2 日，Artemis 宣布 Blackwater 礦場已實現商業化生產，產量超過計畫產量的 90%。

Production is expected to increase throughout the year as Artemis continues to ramp. Production outlook for 2025 remains unchanged with total attributable production expected to fall between 600,000 and 670,000 gold equivalent ounces.

隨著 Artemis 產量持續增加，預計全年產量將會增加。2025 年的產量前景保持不變，預計總產量將下降 60 萬至 67 萬黃金當量盎司。

Production is forecast to be consistent to slow both through remainder of 2025 with slightly lower grades as per the mine plan, offset by increasing throughput across Salobo I, II and III. Production in Antamina is forecast to increase over the remainder of the year due to expected higher silver grades caused by the ratio of copper-zinc ore versus copper-only ore in 2025.

預計到 2025 年剩餘時間內產量將持續放緩，且根據礦山計劃，品位將略有下降，但 Salobo I、II 和 III 的產量將增加，從而抵消產量下降的影響。預計 2025 年安塔米納金礦的產量將會增加，因為預計到 2025 年銅鋅礦石與純銅礦石的比例將導致銀品位提高。

Production from Mineral Park, Goose and Platreef continues to be forecast for the second half of 2025 with construction of these assets proceeding in line with expectations. Looking ahead, we project annual production to grow at an industry-leading rate of approximately 40%, reaching 870,000 GEOs by 2029.

預計 2025 年下半年 Mineral Park、Goose 和 Platreef 將繼續產量成長，這些資產的建設將如預期進行。展望未來，我們預計年產量將以行業領先的約 40% 的速度成長，到 2029 年達到 870,000 GEO。

This growth will come from operating assets, including Antamina and Blackwater with additional contributions from development projects that are currently under construction and/or permitted, such as Mineral Park, Goose Platreef, Kurmuk, Koné, Fenix, El Domo and CopperWorld.

這一增長將來自包括 Antamina 和 Blackwater 在內的營運資產，以及目前正在建設和/或獲得批准的開發項目，如 Mineral Park、Goose Platreef、Kurmuk、Koné、Fenix、El Domo 和 CopperWorld。

Furthermore, attributable production is forecast to average over 950,000 GEOs from 2030 to 2034, incorporating expected additional incremental production from these predevelopment assets. That concludes the operational review.

此外，預計 2030 年至 2034 年期間可歸屬性產量平均將超過 950,000 GEO，其中包括這些開發前資產預期的額外增量產量。營運審查到此結束。

And with that, I will turn the call over to Vincent.

說完這些，我會把電話轉給文森。

Thank you. As described by Wes, production in Q1 was 151,000 GEOs, a 4% decrease from Q1 of 2024 due mainly to the lower production from Peñasquito and Constancia partially offset by higher production from Salobo and Antamina.

謝謝。正如韋斯所述，第一季的產量為 151,000 GEO，比 2024 年第一季下降了 4％，主要原因是佩納斯基托 (Peñasquito) 和康斯坦西亞 (Constancia) 的產量下降，但薩洛博 (Salobo) 和安塔米納 (Antamina) 的產量增加部分抵消了這一影響。

Sales volumes were 161,000 GEOs, an increase of 16% from Q1 of 2024, as strong production levels in Q4 of 2024 resulted in an increase to sales realized in Q1 of 2025, due to the inherent timing delay between production and sales.

銷售量為 161,000 GEO，較 2024 年第一季成長 16%，這是因為 2024 年第四季的強勁生產水準導致 2025 年第一季的銷售量增加，這是由於生產和銷售之間固有的時間延遲。

As at March 31, 2025, approximately 136,000 GEOs were produced but not yet delivered or PBND, which represents approximately three months of payable production. The company expects PBND levels to stay at the higher end of our forecasted range of two months to three months by the end of 2025, in part due to the ramp-up of new mines, forecast to commence operations in the second half of the year.

截至 2025 年 3 月 31 日，已生產但尚未交付或 PBND 的 GEO 約為 136,000 份，相當於約三個月的應付產量。該公司預計，到 2025 年底，PBND 水準將保持在我們預測的兩個月至三個月範圍的高端，部分原因是預計在下半年開始營運的新礦場的增加。

Strong commodity prices, coupled with our strong production resulted in record quarterly revenue of $470 million, an increase of 59% compared to the prior year. With the increase due mainly to a 36% increase in realized commodity prices, coupled with the 16% increase in sales volume.

強勁的商品價格加上我們強勁的生產，使得季度收入達到創紀錄的 4.7 億美元，比上年增長 59%。成長的主要原因是商品實際價格上漲 36%，加上銷售量增加 16%。

Gross margin increased by 86% compared to the prior year to $319 million. Notably, year-over-year margin growth exceeded the appreciation in gold prices over the same period, underscoring the effectiveness of our business model and leveraging rising commodity prices while maintaining strong cash operating margins.

毛利率較上年同期成長86%，達3.19億美元。值得注意的是，利潤率同比增長超過了同期金價的升值，凸顯了我們商業模式的有效性，並利用了大宗商品價格上漲，同時保持了強勁的現金營業利潤率。

Adjusted net earnings amounted to $251 million representing a quarterly record and an increase of 53% compared to the prior year. Wheaton delivered robust cash operating margins in the first quarter, resulting in record quarterly cash flow from operations of $361 million, an increase of 65% compared to the prior year and declared a dividend of $0.165 per share, an increase of 6.5% compared to the prior year.

調整後淨利達 2.51 億美元，創下季度新高，較上年同期成長 53%。惠頓第一季實現了強勁的現金營業利潤率，季度經營現金流達到創紀錄的 3.61 億美元，比上年增長 65%，並宣布每股股息 0.165 美元，比上年增長 6.5%。

For 2025, the company continues to expect that G&A expenses will amount to approximately $50 million. During the quarter, Wheaton paid total upfront cash payments for streams of approximately $95 million, including $40 million from Mineral Park, $30 million for Blackwater and $25 million for Fenix.

到 2025 年，該公司預計 G&A 費用仍將達到約 5,000 萬美元。本季度，惠頓為各條溪流支付了總計約 9500 萬美元的預付現金，其中包括來自 Mineral Park 的 4000 萬美元、來自 Blackwater 的 3000 萬美元以及來自 Fenix 的 2500 萬美元。

Overall, net cash inflows amounted to $267 million in the quarter, resulting in a cash balance of $1.1 billion at March 31. This cash balance combined with a fully undrawn $2 billion revolving credit facility, positions the company exceptionally well to satisfy its funding commitments and acquire additional accretive streams. That concludes the financial summary.

整體而言，本季淨現金流入達 2.67 億美元，截至 3 月 31 日的現金餘額為 11 億美元。該現金餘額加上尚未提取的 20 億美元循環信貸額度，使公司能夠很好地履行其融資承諾並獲得額外的增值流。財務摘要到此結束。

And with that, I turn the call back to Randy.

說完，我把電話轉回給蘭迪。

Thank you, Vincent. In summary, the first quarter was a very strong start for the year for Wheaton, distinguished by several key highlights. We achieved record three month revenue, earnings and cash flow and declared a $0.165 quarterly dividend, a 6.5% increase from Q1 of 2024.

謝謝你，文森。總而言之，惠頓今年第一季開局非常強勁，有幾個關鍵亮點。我們實現了創紀錄的三個月收入、收益和現金流，並宣布季度股息為 0.165 美元，比 2024 年第一季成長 6.5%。

Our pipeline of development projects was further derisked by construction advancements from multiple assets scheduled to come online within the year, further supporting our impressive anticipated organic growth profile of over 40% by 2029. We continue to maintain low and predictable costs, which when coupled with our leverage to increasing commodity prices, resulted in some of the highest margins in the entire precious metals space.

由於計劃於年內投產的多項資產的建設進展，我們的開發項目儲備風險進一步降低，從而進一步支持了我們預計到 2029 年將實現超過 40% 的令人印象深刻的有機增長率。我們繼續保持低廉且可預測的成本，再加上我們對不斷上漲的商品價格的槓桿作用，導致我們在整個貴金屬領域獲得了最高的利潤率。

Our balance sheet also remains strong, providing ample capacity to add accretive high-quality streams into our portfolio. And lastly, we take pride in being a leader amongst precious metal streamers in sustainability by supporting our partners and the communities in which we live and operate.

我們的資產負債表依然強勁，為我們的投資組合增添增值的高品質資金流提供了充足的能力。最後，我們很自豪能夠成為永續發展領域貴金屬產業的領導者，為我們的合作夥伴以及我們生活和營運所在的社區提供支持。

So with that, operator, I would like to open up this call for questions.

接線員，我想就此開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Cosmos Chiu, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Cosmos Chiu。

Thanks, Randy, and team, and welcome, Vincent. Congrats on a very strong -- or record earnings for Q1. Maybe my first question is on the sales versus production. Vincent, as you mentioned, production was 151,000 ounces and sold was actually higher. And as you kind of pointed out, usually production is higher than sales.

謝謝蘭迪和團隊，歡迎文森特。恭喜您第一季的收益非常強勁——或者說創下了紀錄。也許我的第一個問題是關於銷售與生產。文森特，正如您所說，產量為 151,000 盎司，但銷量實際上更高。正如您所指出的，通常產量高於銷售量。

So my question is, is there any kind of read-through into future quarters? Or is this really a reflection of what has happened in the past? I guess you kind of answered it by talking about PBND being consistent. And so I guess I'm trying to confirm, should we just kind of model sales and production being fairly consistent on a go-forward basis?

所以我的問題是，是否有未來幾季的預測？還是這真的是過去發生的事情的反映？我想您透過談論 PBND 的一致性來回答這個問題。所以我想我試圖確認的是，我們是否應該只是在未來的基礎上保持模型銷售和生產的相當一致？

Yes. So on a production basis, we're a bit back-end loaded this year in terms of the production levels. So being at the higher end of the range that we are forecasting throughout the year, you would expect some pickup in the PBND. So about three months is what we're forecasting. So I think you're right. You're going to see production levels being at the similar levels as to sales, but factoring in this PBND movement.

是的。因此，從生產角度來看，今年我們的生產水準有點落後。因此，處於我們全年預測範圍的高端，您會預期 PBND 會有所回升。因此我們預測大約需要三個月。所以我認為你是對的。您會看到生產水準與銷售水準相似，但考慮到 PBND 運動。

Cosmos, if I can add, a lot of the -- we had a really good fourth quarter, but that overproduction came from Salobo, which is copper concentrates. And it's usually the copper concentrates that take longer to make it through to sales just because you've got to ship that concentrate overseas and run it through the whole smelting and then refining process. So -- and if you look at it, the PBND and it shows it right in the charts in the presentation, it's dominantly gold and most of our gold comes in the form of copper concentrates from the mines themselves.

Cosmos，如果我可以補充的話，我們的第四季表現非常好，但產量過剩來自於 Salobo，也就是銅精礦場。通常銅精礦需要更長的時間才能銷售出去，因為你必須將精礦運往海外，並經過整個冶煉和精煉過程。所以——如果你看一下 PBND，它在演示文稿的圖表中顯示出來，它主要是黃金，而我們的大部分黃金都來自礦山本身的銅精礦形式。

So the fact that we were so high in the fourth quarter in production at Salobo. We saw great production out of Salobo in the fourth quarter. We always knew that it was going to be a good boost to the sales side in the first quarter because that concentrate takes that long to come through.

事實上，我們在第四季度的 Salobo 產量非常高。我們看到薩洛博在第四季表現出色。我們一直都知道，這將對第一季的銷售產生良好的推動作用，因為濃縮物需要很長時間才能到達。

So it's always going to have -- it's always going to be biased more towards the gold production because most of our gold production does come from copper assets. And therefore, that pushes us more towards the three month limit versus with Dore, which is where most of our silver is, it's typically about two months for us to convert it to sales.

因此，它總是會——它總是會偏向黃金生產，因為我們的大部分黃金產量確實來自銅資產。因此，這迫使我們更傾向於三個月的期限，而對於我們的大部分白銀都存放在多爾 (Dore) 的地方，我們通常需要大約兩個月的時間才能將其轉化為銷售額。

That's right. Thanks, Randy. Maybe that leads-in well to my next question here Salobo. You made the final payment on the expansion of $144 million on April 4, 2025, I can read my -- in April 2025. But that might not be the last payment.

這是正確的。謝謝，蘭迪。這也許可以很好地引出我下一個問題，Salobo。您於 2025 年 4 月 4 日支付了 1.44 億美元的擴建工程的最終款項，我可以讀到我的——2025 年 4 月。但這可能不是最後一次付款。

I believe there could be a potential to make additional payments of $5.1 million to $8.5 million annually. If they do go with a high-grade sort of mine plan. Any updates on potential for you to need to make that payment? Or any kind of color on the high-grade mine plan?

我認為每年有可能額外支付 510 萬美元至 850 萬美元。如果他們確實採取了高品位的礦山計劃。關於您可能需要支付這筆款項的任何最新消息？或是高品位礦山計劃上有什麼樣的顏色？

Thanks, Cosmos. They are working on that high-grade mine plan. It really is a higher throughput -- higher movement that they need from the mine is the main kind of factoring that along with a higher copper grade from the miner consistently higher copper grade from the mine.

謝謝，Cosmos。他們正在製定高品位礦山計劃。這確實是一種更高的吞吐量——他們需要從礦山獲得更高的移動量，這是主要的因素，同時礦工的銅品位也更高，礦山的銅品位也持續更高。

So Salobo has been working towards that over the last several years. It's not imminent that we're going to hit those levels. So we continue to monitor it with value-based metals and we'll continue to speak to them about it, but I don't see that happening within the next year or so, certainly.

因此，薩洛博在過去幾年裡一直致力於實現這一目標。我們不會很快達到這些水平。因此，我們將繼續使用基於價值的金屬來監控它，並將繼續與他們討論它，但我肯定不認為這在未來一年左右會發生。

For sure. And then Wes or Randy, I saw in your longer-term growth profile you've included CopperWorld. Could you maybe give us an update on CopperWorld? Is that now considered fully permitted, quote-unquote, because I was reading up on your PMPA, once again, I guess it says $50 million could be advanced upon Hudbay's receipt of permitting.

一定。然後，韋斯或蘭迪，我看到你們在長期增長概況中加入了 CopperWorld。可以向我們介紹一下 CopperWorld 的最新情況嗎？現在這是否被認為是完全允許的，因為我正在閱讀你的 PMPA，再一次，我猜它說在 Hudbay 收到許可後可以預付 5000 萬美元。

And so I guess, number one, timing? Number two, is it considered fully permitted? And number three, this is a negotiation that was completed many years ago, $230 million. Any kind of potential changes to that number?

所以我想，第一點，時機？第二，這是否被認為是完全允許的？第三，這是多年前完成的談判，金額為 2.3 億美元。這個數字可能會發生什麼變化嗎？

Yes. No, it's not a negotiation. It was going to be -- it was a contract that was signed many, many years ago. And so it's a contract in place. Yes. And so it's a contract that's in place. There's no money that gets advanced until Hudbay delivers not only all permits, which they do have but they also have to have proper financing in place that satisfies us that they've got capacity and get the project built and they also have to commence construction. And so there will be no payments from us until that happens.

是的。不，這不是談判。這將是——這是一份很多年前簽署的合約。所以這是一份已經生效的合約。是的。所以這是一份已經生效的合約。在 Hudbay 不僅提供他們擁有的所有許可證，而且還必須擁有適當的融資，讓我們相信他們有能力建造專案並開始施工之前，不會預付任何資金。因此，在此之前我們不會支付任何款項。

I think in our current five year guidance, we might have it at the tail end, just the very tail end of the five year guidance, and it's not significant from a production perspective in terms of getting to the 40% growth. We think it's probably five years to six years out. I'm hopeful that Hudbay moves that faster forward.

我認為，在我們目前的五年指導中，我們可能處於最後階段，只是五年指導的最末端，從生產角度來看，實現 40% 的成長率並不重要。我們認為這大概需要五到六年的時間。我希望 Hudbay 能夠更快地實現這一目標。

It's an impressive project. The Rosemont, and then the CopperWorld area itself, all sort of one collective zone that we're appreciative in terms of that exploration success that we were originally purchasing about 15 years ago, has actually turned into the main resource that's going to be started off at the CopperWorld. But it's all part of the project going forward.

這是一個令人印象深刻的項目。羅斯蒙特以及 CopperWorld 地區本身，都是一個集體區域，我們對大約 15 年前最初購買的勘探成功表示讚賞，這些區域實際上已成為 CopperWorld 即將啟動的主要資源。但這都是專案未來發展的一部分。

Hudbay is a very important partner to us. We are always trying to find ways to support our partners on a go-forward basis, but we have to be reflective of value. We're -- and so I know there's been lots of talk in the marketplace about how that's going to move forward. We've got a contract in place, and we look forward to working with Hudbay to move this forward. But -- and so we're waiting. I think their focus currently right now is looking for a joint venture partner, to try and offset some of the capital expenses that are going into this project. And so we look forward to helping them.

Hudbay 是我們非常重要的合作夥伴。我們一直在努力尋找方法來支持我們的合作夥伴向前發展，但我們必須體現價值。我們——所以我知道市場上有很多關於如何推進這一進程的討論。我們已經簽訂了合同，我們期待與 Hudbay 合作推動這一進程。但是——所以我們在等待。我認為他們目前的重點是尋找合資夥伴，以試圖抵消該專案的部分資本支出。因此我們期待著幫助他們。

So Randy, I guess your advancement of any payment will not happen until a joint venture partnership or joint venture partners is in place?

那麼 Randy，我猜你不會提前支付任何款項，直到建立合資夥伴關係或合資夥伴為止？

Well, I mean, our -- we would start -- I mean that's if they have to go down that path. If they choose not to go on that path. All I have to do is come up with a financial plan that we're satisfied with the financing plan, the capacity to fund it. And so whether they choose to do that with a joint venture partner or choose to find a way to do that internally within themselves and keep 100% ownership of the asset going forward. It is an impressive asset.

嗯，我的意思是，我們的——我們會開始——我的意思是，如果他們必須走那條路的話。如果他們選擇不走那條路。我所要做的就是提出一個令我們滿意的財務計劃，這個融資計劃有資金能力。因此，他們是選擇與合資夥伴合作，還是選擇在內部尋找方法，並在未來保持對資產的 100% 所有權。這是一筆令人印象深刻的財富。

And so I'm not sure the logic behind that outside of -- outsourcing capital to help get the project built. But it's not contingent on them finding a joint venture partner. It's contingent on them having a satisfactory financial plan. Yes, exactly. And so whatever way they choose to get there, that's their choice, that's not contingent on us.

因此，除了外包資本來幫助建立這個專案之外，我不確定背後的邏輯是什麼。但這並不取決於他們是否能找到合資夥伴。這取決於他們是否有令人滿意的財務計劃。是的，確實如此。所以，無論他們選擇以何種方式實現這一目標，這都是他們的選擇，與我們無關。

Great. And then maybe one last question, switching gears a little bit on Cobalt, not the biggest part of your portfolio. But I noticed that the production has increased kind of makes sense given that they're ramping up. So two parts of my question. I guess, number one, it's a 540,000 pounds now in Q1. Is that going to continue to increase, number one? And number two, I noticed that shipping or sales was only about half of that 540,000 pounds. And it's always lumpy. So again, how should we model the shipment or sales, which in turn affects earnings?

偉大的。然後也許還有最後一個問題，稍微轉換主題，談談鈷，它不是你投資組合中最大的部分。但我注意到，考慮到他們正在加大生產力度，產量增加是有道理的。我的問題分為兩部分。我想，首先，第一季的銷售額是 54 萬英鎊。首先，這個數字還會繼續增加嗎？第二，我注意到運輸量或銷售額僅佔 540,000 磅的一半左右。而且總是凹凸不平。那麼，我們該如何模擬出貨量或銷售額，進而影響收益呢？

Thanks, Cosmos. So they did have an exceptional first quarter there. For the rest of the year here, we're forecasting really slightly lower than that, but kind of consistently in more of that kind of 450,000 pound a quarter kind of range. And really, the sales are very lumpy on that one, and it's really just because of the shipments on that. They go over to Europe, and we get paid kind of at that point when they go over there.

謝謝，Cosmos。所以他們確實度過了一個非常出色的第一季。今年剩餘時間的銷售額，我們預測會略低於這個數字，但基本上會穩定在每季約 45 萬英鎊的範圍內。事實上，這款產品的銷售量很不穩定，這其實只是因為出貨量的問題。他們去歐洲，當他們到達那裡時，我們就會得到報酬。

So there is quite a lag in that, and we will see those sales start to catch up over this quarter, with that production. So it is -- they've had a great ramp up there over the last really 18 months. They did announce kind of -- that they completed earlier this year as well, the underground, and they are at full production on those.

因此，這其中存在相當大的滯後，我們將看到本季的銷售和產量開始趕上。事實確實如此——在過去的 18 個月裡，他們取得了長足的發展。他們確實宣布——他們今年早些時候也完成了地下工程，並且正在全力生產。

So it's been a long project to get it going. It's the worst one in our portfolio got affected by COVID for sure. So it's great to see them up and running and getting that consistent in the high-volume production out of there.

所以這是一個需要長期努力才能完成的專案。這肯定是我們投資組合中受 COVID 影響最嚴重的一個。因此，看到它們順利運作並在大批量生產中保持一致，真是令人欣喜。

Yes. And I forget, Wes. Its 2 million pounds in annum. Is that what they're aiming for after the expansion -- I don't remember.

是的。我忘了，韋斯。每年200萬英鎊。這是他們擴張後的目標嗎——我不記得了。

Yes. Yes, to our job, yes, in that range. That's to our account.

是的。是的，對於我們的工作來說，是的，在那個範圍內。這是我們的責任。

great. Cool. Thanks, Randy, Wes and Vincent. And thanks for answering all my questions, and have a good weekend.

偉大的。涼爽的。謝謝，蘭迪、韋斯和文森特。感謝您回答我的所有問題，祝您週末愉快。

Thank you, Cosmos.

謝謝你，Cosmos。

Daniel Major, UBS.

瑞銀的丹尼爾·梅傑（Daniel Major）。

Hi. Thank so much for the questions. So yes, a couple to start with the Antamina has had some downtime this quarter. Can you provide any feedback you might have had from the joint venture and potential impacts it might have on the profile in the second quarter or indeed the full year?

你好。非常感謝您提出這些問題。是的，本季度，從 Antamina 礦場開始的幾個礦場都出現了停機。您能否提供關於合資企業的回饋以及它可能對第二季甚至全年業績產生的潛在影響？

Thanks, Daniel. So we did have -- obviously a very unfortunate incident there this past month ago now. So -- and really, it's one of those things that we have been in contact with the partner on it, and it's very, very unfortunate to see those types of things happen. We keep very close eye on the safety record of all of our operations, certainly. They were down for about 36 hours due to the incident.

謝謝，丹尼爾。所以我們確實——顯然上個月在那裡發生了一起非常不幸的事件。所以——事實上，這是我們一直與合作​​夥伴就此進行接觸的事情之一，看到這類事情發生，我們感到非常非常遺憾。當然，我們密切注意所有營運的安全記錄。由於該事件，他們停工了大約 36 個小時。

We don't expect it to affect production for the year at all. We are actually heading down the site in a couple of weeks here. So we'll get a good idea of what things look like for the rest of the year after that, but at this point, don't expect any change to our current forecast.

我們預計它根本不會影響今年的生產。實際上，我們將在幾週後前往該地點。因此，我們將對今年剩餘時間的情況有一個很好的了解，但目前，不要指望我們目前的預測會有任何變化。

Okay. Thanks. And then maybe just a follow-up on Antamina. Where are you looking at in terms of the delta into 2027 as you see it in terms of the mine plan -- yes, '26, '27 relative to where we are today and Antamina specifically?

好的。謝謝。然後也許只是對安塔米納礦場的後續行動。從礦場規劃的角度來看，您認為 2027 年的增量會是如何？是的，相對於我們目前的情況，特別是安塔米納礦，2026 年、2027 年的情況如何？

We are seeing a fairly significant ramp up this year as they move back into those copper-zinc zones, which have quite a bit higher silver in them than what we've seen in the last couple of years. And we do expect that to continue through '26 and '27 as well.

今年，隨著他們重新進入銅鋅礦帶，我們看到了相當顯著的增長，這些礦帶中的銀含量比過去幾年高得多。我們確實預計這種趨勢將持續到 26 年和 27 年。

They have moved that primary crusher out at the bottom of the pit now and there was quite a bit of high grade that was tied up with that. So they are moving into really a higher grade silver zones over the next couple of years, which is why you do see that ramp up in production.

他們現在已經將初級破碎機移到坑底，那裡有相當多的高品位礦石。因此，他們在未來幾年將進入更高品位的銀礦區，這就是為什麼你會看到產量上升。

Great. Thanks. And then -- the next question, I appreciate it's associated with the movement in the share price. But you booked $12 million of share-based compensation this quarter. How is the distribution through the year? And if shares stay the same here, should we expect a similar run rate? Or how should we be modeling that line item?

偉大的。謝謝。然後——下一個問題，我知道它與股價變動有關。但本季您預定了 1,200 萬美元的股權激勵計畫。全年分佈狀況如何？如果這裡的股價保持不變，我們是否應該預期類似的運行率？或者我們應該如何對該專案進行建模？

Yes. $1 million this quarter is really driven by the share price outperformance. Run rate on the PSU side will be around $3 million to $4 million going forward per quarter.

是的。本季的 100 萬美元確實是由股價優異表現所推動的。未來 PSU 方面的運行率每季將在 300 萬至 400 萬美元左右。

$3 million to $4 million a quarter. Okay. Thanks. And then -- yes, that's useful. And then just a final question. I mean, you got $1.1 billion on the balance sheet. I guess you're always looking for opportunities, but is there any sort of scope if the prices there at this kind of level to look at interim distributions or changing the structure of cash returns? Or are you just firmly going to accrue cash and look for deals?

每季 300 萬至 400 萬美元。好的。謝謝。然後——是的，這很有用。最後一個問題。我的意思是，你的資產負債表上有 11 億美元。我想您總是在尋找機會，但是如果價格處於這種水平，是否有任何空間來查看中期分配或改變現金回報的結構？還是你只是堅定地累積現金並尋找交易？

Maybe I'll take that question, Daniel. This is Haytham. Thanks for the question. I will say that given the number of opportunities that we have in the pipeline right now, it's definitely double digit, and we're seeing a lot of different development, stage opportunities looking for funding. We're seeing higher commodity prices are prompted.

也許我會回答這個問題，丹尼爾。這是海瑟姆。謝謝你的提問。我想說的是，考慮到我們目前擁有的機會數量，它肯定是兩位數，而且我們看到很多不同的發展、階段性的機會正在尋求資金。我們看到大宗商品價格正在上漲。

The sale of existing secondary royalties. We're seeing balance sheet repair opportunities, and we're also seeing rationalization of assets by larger seniors. So there are so many opportunities right now for the potential expenditure of capital towards streaming projects and then some larger royalty opportunity as well that we are pretty comfortable with our existing structure.

現有二級特許權使用費的出售。我們看到了資產負債表修復的機會，我們也看到大型高階機構正在進行資產合理化。因此，現在有很多機會可以將資本投入串流媒體項目，然後還有一些更大的版稅機會，我們對現有的結構非常滿意。

Yes, Daniel, I would just add. I mean, this run-up in gold prices and what we've seen is actually really starting to firm up enough that people are starting to make commitments into building. And so what we are seeing a lot of is gold streams on gold mines or silver streams on gold mines. There's lots of activity there.

是的，丹尼爾，我只是想補充一下。我的意思是，我們看到的金價上漲實際上已經開始足夠堅挺，人們開始承諾建設。因此，我們看到的很多是金礦中的金流或金礦中的銀流。那裡有很多活動。

I'd love to see it strengthen the copper space because there are some pretty promising copper projects out there, that are kind of waiting for, I think, a better cost base to make decisions to go into construction, but there's definitely a lot of activity on the gold side.

我很樂意看到它加強銅領域，因為那裡有一些非常有前景的銅項目，我認為它們正在等待更好的成本基礎來做出建設決策，但黃金方面肯定有很多活動。

Just because we've got $1 billion as of the last quarter. Keep in mind, we've managed to spend almost $900 million a year for the last 10 years. So there are lots of opportunities. It may be a little bumpy, maybe one year is more than the other, but we've never had an issue deploying capital accretively.

只是因為截至上個季度我們已經獲得了 10 億美元。請記住，過去 10 年我們每年花費近 9 億美元。所以有很多機會。這可能會有點坎坷，也許一年比一年艱難，但我們從來沒有遇到過資本增值部署的問題。

Great. Have a great weekend.

偉大的。祝你周末愉快。

Thanks, Daniel.

謝謝，丹尼爾。

Tanya Jakusconek, Scotiabank.

加拿大豐業銀行的 Tanya Jakusconek。

Yes, good morning, everybody, and again, my sympathy for Peter. Very sad to see that news.

是的，大家早安，再次向彼得表示同情。看到這個消息我很難過。

Thank you for that, Tanya.

謝謝你，Tanya。

Going to start -- a lot of my questions have been answered. I'm just going to follow up on just a few things that I just wanted confirming. And just on the distribution for the year. I think in the last conference call, we talked about a 45-55 first half, second half in terms of the production profile. Is that still the case? With all the startups set forward in the second part of the year?

即將開始——我的許多問題都已得到解答。我只是想跟進一些我想確認的事情。這只是今年的分佈。我認為在上次電話會議中，我們討論了上半年和下半年的生產概況，上半年產量分別為 45% 和 55%。現在還是這樣嗎？今年下半年所有新創企業都已開始籌備嗎？

Yes. With the strong performance in Q1, we're actually looking at about kind of 47%, 53% now, I would say, if you kind of measure it that way. So it is still back-end loaded, but a little bit less so than --

是的。由於第一季表現強勁，如果以這種衡量方式，我們現在的實際成長率大約為 47% 到 53%。因此它仍然是後端加載的，但比--

Okay. And obviously, depending on what the prices do that obviously moves the -- not your production, but just for the rest of us that GEOs sales anyway. Yes, I got it. Just on -- and then the PBND will just follow along with that 47-53?

好的。顯然，價格的變化顯然會影響——不是你的產量，而只是對我們其他人來說，GEO 的銷售。是的，我明白了。就這樣——然後 PBND 就會跟著 47-53 嗎？

Yes, exactly.

是的，確實如此。

Yes. We are blessed with the fact that a lot of the new lines that are starting up are producing [Dore]. And so as that new production does come on, it won't be as long. Now whenever a new mine starts up, you have to get systems in place, et cetera. So there's probably going to be a bit of initial delays in terms of converting that to sales. But yes, there's not a lot of growth on the concentrate side in our portfolio over the next while. It's mostly in the Dore side.

是的。我們很幸運，許多新生產線正在生產[多爾]。因此，當新作品上映時，時間不會太長。現在，每當一個新礦開始開採時，你都必須建立系統等等。因此，將其轉換為銷售額可能會出現一些初始延遲。但是，是的，未來一段時間內，我們投資組合中的精礦方面不會有太大的成長。它主要位於 Dore 一側。

Okay. That's good. And then if I could circle back to copper world and just what Hudbay is looking for a financing partner to take on some of the risk. I just want to try and understand if you would increase your exposure further to this asset? But more on a stream basis rather than because you said you'd help with support and I just wanted to make sure it wasn't as a joint venture partner? But --

好的。那挺好的。然後，如果我可以回到銅的世界，那麼 Hudbay 正在尋找融資合作夥伴來承擔部分風險。我只是想嘗試了解您是否願意進一步增加對該資產的投資？但更多的是基於流程而不是因為你說你會提供支持，而我只是想確保它不是作為合資夥伴？但--

Yes, it definitely would be as a joint venture partner. It's not in our business model to take that level of risk. And that's one of the reasons why we pay -- to have value for the streams that we acquire is to gain that confidence for our shareholders. And so it definitely would be as a joint venture partner. However, there's opportunities.

是的，肯定會作為合資夥伴。我們的商業模式不允許我們承擔如此程度的風險。這就是我們付出代價的原因之一——讓我們所收購的流具有價值，是為了贏得股東的信任。因此它肯定會成為合資夥伴。然而，機會還是存在的。

The -- one of the challenges is that the current stream is for 100% of the gold and the silver. So we already are getting 100% of the precious metals from that project. And -- but there are other ways to expand the relationship to provide support, whether it's -- we've always said that we're not chasing copper, but we would take it as ancillary support to help a project go forward. And so maybe that's an option.

其中一個挑戰是，目前的流量是 100% 的黃金和白銀。因此，我們已經從該專案中獲得了 100% 的貴金屬。而且——但還有其他方法可以擴大關係以提供支持，無論是——我們一直說我們不追逐銅，但我們會將其作為輔助支持以幫助項目向前發展。所以這也許是一種選擇。

They've also got some pretty good gold production from other assets within their portfolio. That's also an option in terms of us being able to access and stream. And so there's a -- Hudbay's a pretty wide, diverse company. We've already got a good healthy stream with them at Constancia.

他們的投資組合中的其他資產也產出了相當不錯的黃金。就我們能夠存取和串流而言，這也是一種選擇。所以，Hudbay 是一家業務範圍相當廣泛、多元化的公司。我們已經在康斯坦西亞擁有了一條健康良好的溪流。

Got less healthy stream with them at 777, which, of course, isn't operating anymore, and it underperformed for us in the past. And so -- it's been a long and healthy relationship, and we're looking forward to continuing to grow that relationship in a supportive role, whichever way we can. They've got a good operating team. They've got a good management team. They've got a good track record in terms of bringing projects like this on.

777 的流量不太健康，當然，現在已經不再運作了，過去它的表現對我們來說也不盡如人意。所以，這是一種長期而健康的關係，我們期待以支持性的角色繼續發展這種關係，無論我們能以何種方式。他們擁有一支優秀的營運團隊。他們擁有一支優秀的管理團隊。他們在進行此類專案方面有著良好的記錄。

Constancia has been a huge success. And so we're going to be there whichever way we can. Their focus right now, as I've stated publicly, is sourcing a potential joint venture partner to help spread it out. we're not sure that they need to do that. But that's something that they have to answer for themselves and come forward. So we're going to do everything we can to help them.

康斯坦西婭取得了巨大的成功。因此，無論以何種方式，我們都會盡力提供協助。正如我公開表示的那樣，他們目前的重點是尋找潛在的合資夥伴來幫助擴大業務。我們不確定他們是否需要這樣做。但這是他們必須自己回答並站出來的事情。因此我們將盡一切努力來幫助他們。

Okay. Thanks for the clarification. Just didn't want to see anyone getting in as an operator. I've seen that movie before. Just on operating environment -- the deal environment, if I can circle back and thanks, Haytham, for some of the color. I just wanted to come back on a couple of things in the environment that you're seeing. Have you seen your deal -- the deal size increase at all?

好的。感謝您的澄清。只是不想看到任何人以操作員的身份進入。我以前看過那部電影。僅就營運環境——交易環境而言，如果我可以回過頭來感謝 Haytham 提供的一些資訊。我只是想回顧一下您所看到的環境中的幾件事。您是否看到您的交易—交易規模有所增加？

Yes.

是的。

Yes. Okay.

是的。好的。

I mean there's still a lot of the smaller deals that are still out there, Tanya, but we are seeing some of the larger deals. And it's -- I'd say the range is still from initially on the smaller deals was $1 million to $350 million. There are a handful of larger deals that are $500 million to $1 billion now. And so there's lots of things we'll consider.

我的意思是，仍然有很多小交易，Tanya，但我們看到了一些大交易。而且 — — 我想說的是，最初較小交易的金額範圍仍然是 100 萬美元到 3.5 億美元。目前，有少數幾筆規模較大的交易價值在 5 億至 10 億美元之間。因此我們會考慮很多事情。

Keep in mind, though, Tanya, not every opportunity out there is a Wheaten opportunity. We're not going to do anything that sacrifice the integrity of our model, and we're very cautious to continue to add accretive growth. So just keep those things in mind.

不過，Tanya，請記住，並不是每個機會都是 Wheaten 的機會。我們不會做任何犧牲我們模型完整性的事情，我們非常謹慎地繼續增加增值成長。所以只要記住這些事情即可。

Tanya, I think it's just worth highlighting, and you can look at two very, very real examples here just recently, Artemis at Blackwater and how we've supported them through the startup. I think if you asked the team at Artemis, they'd be very happy with their Wheaton relationship in terms of how we've stepped in to sort of adjust and add a bit of value to the stream at a timely basis for them as they're turning on the switches there.

塔妮婭，我認為這值得強調一下，你可以看看最近兩個非常真實的例子，黑水公司的 Artemis 以及我們如何透過新創公司為他們提供支援。我想如果你問 Artemis 的團隊，他們會對他們與 Wheaton 的關係感到非常滿意，因為我們在他們打開開關時及時介入並調整流程並增加一些價值。

And so I think that example of being supportive through the start-up process has caught a lot of people's eyes. And then I would go to the Montage deal on Koné. And the fact that, that deal was structured where we supplied the bulk of the capital in terms of getting that project up and running. and they're going to turn the switches on that mine and have no project debt and be producing 300,000 ounces a year to their credit.

所以我認為，這種在創業過程中提供支持的做法已經吸引了許多人的注意。然後我會去參加 Montage 關於 Koné 的交易。事實上，該交易的結構是我們為啟動和運行該專案提供了大部分資金。他們將啟動該礦，並且不會有任何專案債務，每年可生產 30 萬盎司黃金。

And those two transactions have really caught the eye of a lot of other developers in this space. And so we're now starting to get a lot of larger-sized opportunities where they're saying okay, well, let's look at Wheaton taking a larger role in terms of how we finance these projects into production on a go-forward basis. And we're always happy to put into high-margin, high-quality assets. So they are out there.

這兩筆交易確實引起了該領域許多其他開發人員的關注。因此，我們現在開始獲得許多更大規模的機會，他們說，好吧，讓我們看看惠頓在未來如何為這些項目提供生產資金方面發揮更大的作用。我們始終樂意投入高利潤、高品質的資產。所以他們就在那裡。

And what about, Randy, the -- maybe the base metal companies, given the volatility in some of those commodities, the high gold price for them in terms of crystallizing some value on maybe some of their precious metals component to their assets. Has that increased? Have you seen more?

那麼，蘭迪，對於賤金屬公司來說，考慮到一些大宗商品的波動性，高昂的金價可能會使其資產中的一些貴金屬成分的價值結晶化。有增加嗎？你見過更多嗎？

Yes, there's a lot more discussion about it. I just haven't seen a lot of the base metal projects commit into going into construction going forward. They're -- I think they're waiting for a bit better copper price to -- and it's mostly in the copper space that we're talking. We don't see a lot in the lead-zinc space. But in the copper space, they just want to see a bit stronger -- lots of predictions for stronger copper prices.

是的，關於這一點還有很多討論。我只是沒有看到很多賤金屬項目承諾在未來投入建設。我認為他們正在等待銅價稍微上漲，而我們談論的主要是銅領域。我們在鉛鋅領域沒有看到太多進展。但在銅領域，他們只是希望看到銅價稍微走強一點——很多人預測銅價會走強。

But unfortunately, with some of the de-globalization efforts around the world, it's having an impact on demand and therefore, pricing in copper. And we just haven't seen people making the commitments in terms of going into construction.

但不幸的是，世界各地的一些去全球化措施對需求產生了影響，進而影響了銅的價格。但我們還沒有看到人們做出進入建設領域的承諾。

I think they want to see a stronger market for copper before they make that decision. So the talks are ongoing, but they're nowhere near as advanced as what we're seeing in the precious metal space, in the gold space specifically.

我認為他們在做出這項決定之前希望看到銅市場更加強勁。因此，談判仍在進行中，但遠不及我們在貴金屬領域（特別是黃金領域）看到的進展。

We'll add one thing, Tanya. I'd say of the split of opportunities we're looking at, approximately half would be for precious metals as a byproduct from these poly-metallic assets.

我們要補充一點，Tanya。我想說，在我們正在尋找的機會中，大約有一半是貴金屬，作為這些多金屬資產的副產品。

Okay. And you said you were up to like 20-ish or so. Is that what I heard?

好的。你說你已經 20 多歲了。我聽到的就是這樣的嗎？

We're somewhere around 15% to 17% in that range, but it changes every day.

我們處於這個範圍內的 15% 到 17% 左右，但它每天都在變化。

Yes, for sure. And then I guess the last one I would have to add is just ask is on corporate transactions. How do you view that in your mix?

是的，當然。然後我想我要補充的最後一點就是問有關公司交易的問題。您如何看待您的混音？

Yes. I would just say that as long as we've got 15 assets to 20 assets in front of us, looking at it, our preference is to go down that path. We've been at this business now for over 20 years, and I think a good old Wheaton stream has a lot of benefits, a lot of strength in terms of how it's structured the security and stuff.

是的。我只想說，只要我們面前有 15 到 20 項資產，我們就會傾向於走這條路。我們從事這項業務已經超過 20 年了，我認為惠頓溪流在建立安全機制等方面具有許多優勢和優勢。

And as soon as you start looking at corporate transactions, what you're doing is acquiring someone else's challenges. And what we've seen is a lot of people will give up weaknesses in terms of structure or how a deal is put together to try and get their foot in the door. And that means it just doesn't have the same strengths. We've seen lots of evidence of that lately in terms of companies that are challenged because they gave up structural weaknesses and now they're paying the penalty for that.

一旦你開始關注公司交易，你所做的就是獲得別人的挑戰。我們看到，很多人會放棄結構或交易方式的弱點，試圖獲得成功。這意味著它不具備同樣的優勢。我們最近看到了很多這方面的證據，有些公司因為放棄了結構性弱點而面臨挑戰，現在他們正在為此付出代價。

And so it's -- we like good old Wheaton. That doesn't mean we don't look at other streams. We have acquired portfolios of assets. Two years ago, we bought a bunch of stuff from Orion, a bunch of assets from Orion. They were existing streams.

所以——我們喜歡古老的惠頓。這並不意味著我們不關注其他串流。我們已經收購了資產組合。兩年前，我們從 Orion 購買了一大批東西，一大批資產。它們是現有的溪流。

They were repriced accordingly. If they had good structure, they're probably worth a bit more, right? And so it is something that we're pretty sensitive to. And our preference is to put our own deals in place, and we still see a lot of appetite on that front.

它們的價格也相應進行了重新定價。如果它們結構良好，它們的價值可能會更高一些，對嗎？因此，我們對此非常敏感。我們傾向於自行達成交易，並且我們仍然看到人們在這方面有很大興趣。

Tanya, I'll just add one thing. We do keep our finger on the pulse. So we're always modeling a lot of these junior companies, are the ones that we think have or could create value for us down the road. But as Randy said, as long as we continue to be able to acquire assets at net asset value or less stream size. That's through we'll take.

塔妮婭，我只想補充一點。我們確實時時刻刻關注著最新動態。因此，我們一直在為許多初級公司建模，我們認為這些公司已經或可以在未來為我們創造價值。但正如蘭迪所說，只要我們繼續能夠以淨資產價值或更低的流規模收購資產。我們就這樣做吧。

Okay. Great. Thank you, and congrats on a good start to the year.

好的。偉大的。謝謝，並祝賀您今年有一個好的開始。

Thank you, Tanya.

謝謝你，Tanya。

Derick Ma, TD Cowen.

德里克·馬（Derick Ma），TD Cowen。

Thank you very much. Picking up on your comments on Hudbay. We've talked in the past about levels of royalties, which could potentially overburden any one individual asset. How do you think about royalty burden or leverage more holistically from a corporate level of your partners? And is that looking that concerns you?

非常感謝。回顧您對 Hudbay 的評論。我們過去曾討論過特許權使用費的水平，這可能會給任何一項單項資產帶來過重的負擔。從合作夥伴的企業層面，您如何更全面地考慮特許權使用費負擔或槓桿？這樣的外表是否令您擔憂？

In terms of -- from our perspective -- Derick, we try to not take too much of the economics of any specific asset. A lot of the older contracts when some of the precious metals were much less important. They did have some higher levels of precious metal streams. But if you see everything we've done of late we try to stay well under a reasonable amount such that even if commodity prices dropped 20%, 30%, 40%. We are not overburdening the assets such that it has to shut down or make some significant changes. So we're very cautious as to what we do here in this environment.

從我們的角度來看，德里克，我們試圖不要過度考慮任何特定資產的經濟因素。在許多較舊的合約中，一些貴金屬的重要性已經大大降低。它們確實擁有一些較高水平的貴金屬流。但如果你看看我們最近所做的一切，你會發現我們試圖將價格保持在合理的水平以下，即使商品價格下跌了 20%、30%、40%。我們不會讓資產負擔過重，以致於必須關閉或做出重大改變。因此，我們對在這種環境下所做的事情非常謹慎。

What is the reasonable amount of economics in terms of an individual assets?

就個人資產而言，經濟上合理的金額是多少？

Optimally, we'd like to stay under 20%, 25%.

理想情況下，我們希望保持在 20%、25% 以下。

Yes, Derick, it's -- every project is different in terms of its own operating margins, right? So that's one of the things that we always have to stay on top of its way. Wes and the operations team, we keep such a close pulse to how our partners are doing, right. We really do put a focus though on first and second quartile assets because that's why it delivers healthy margins not only for us.

是的，德瑞克，每個項目的營業利潤率都是不同的，對嗎？所以這是我們必須始終保持領先地位的事情之一。韋斯和營運團隊密切關注合作夥伴的進展，對吧。我們確實把重點放在第一和第二四分位數資產上，因為這不僅為我們帶來了健康的利潤率。

But I think most importantly for our operating partners, if our operating partners aren't healthy, we're not. And so we're constantly on the pulse of that. I would say that one of the things that makes Wheaton a little bit unique in that front is that we do manage our portfolio. And we don't just buy things and stick them on the shelf and wait them out. There's a life -- there's a time in mind when you -- when streams make a lot of sense as a competitive source of capital to help run that.

但我認為對我們的營運夥伴來說最重要的是，如果我們的營運夥伴不健康，我們就不會健康。因此我們一直在關注這一動態。我想說，惠頓在這方面的獨特之處之一就是我們確實管理我們的投資組合。我們不只是購買東西然後把它們放在貨架上等待。有一種生活——在你心中有一個時刻——當溪流作為一種有競爭力的資本來源來幫助運行它時，它變得非常有意義。

But as the mine matures, it may get a little bit too much of a burden. And we're not scared to crystalize. We have in the past, and I guarantee we will again in the future, where we look for ways to back out of mines as they get a little bit more tired, a little bit more expensive and keep -- make sure that we focus on keeping a nice tight clean profitable portfolio of assets in our company.

但隨著礦井的成熟，它可能會變得有點太重了。我們不害怕結晶。我們過去曾經這樣做過，我保證將來我們還會再次這樣做，當礦山變得更加疲憊、成本變得更加昂貴時，我們會尋找退出的方法，並確保我們專注於在公司內保持一個良好、緊密、乾淨、盈利的資產組合。

And I think that's a differentiating factor between us and our peers, is that we really do focus on. We're not here to just sort of take a scatter gun lottery approach of just adding assets and trying to cover the world with it. We want a nice, tight, concise profitable group of assets that we focus on. And so we're constantly managing our existing portfolio, not just adding to it.

我認為這是我們與同行的一個區別因素，我們確實關注這一點。我們並不是要採取一種散彈槍式的彩票方式，即僅僅增加資產並試圖用它覆蓋全世界。我們希望集中精力於一組優質、緊湊、簡潔且有利可圖的資產。因此，我們不斷管理現有的投資組合，而不僅僅是增加它。

If I'll add one more thing, Derick, I'll say, if you look at our contract structures, they are very thoughtful structures. They typically start with higher streams when they've got higher grades and as the grades drop off, the streams drop off. And that's all factored into the original valuation, and it's all based on threshold levels being met, et cetera. So we ensure that we're not overburdening the asset throughout its existing life.

德里克，如果我再補充一點，我會說，如果你看看我們的合約結構，你會發現它們是非常周到的結構。當他們獲得較高成績時，他們通常會從較高的流開始，隨著成績的下降，流也會下降。這些都已計入原始估值，並且都基於達到的閾值水平等等。因此，我們要確保在資產的整個使用壽命期間不會對資產造成過重負擔。

It's so important. It's -- if our partners aren't profitable. We are not profitable. So we need to do everything we can to stay on top of that and make sure that we work that way. And I really think that's the difference of a streaming partnership versus some of the traditional space in this business.

這非常重要。如果我們的合作夥伴沒有獲利的話。我們沒有獲利。因此，我們需要盡一切努力保持領先地位並確保我們以這種方式開展工作。我確實認為這就是串流媒體合作夥伴關係與該行業中一些傳統領域的不同之處。

I appreciate that. And maybe that's a good segue to my next question, which is on amendments to existing (inaudible). Appreciating every situation is different. But broadly speaking, what kind of considerations are as is Wheaton looking for when you start these negotiations with your partners? And when does amendments make sense for Wheaton?

我很感激。這也許可以很好地引出我的下一個問題，即關於對現有（聽不清楚）。對每種情況的理解都是不同的。但從廣義上講，當您與合作夥伴開始這些談判時，惠頓會尋求什麼樣的考慮？那麼什麼時候修正案對惠頓來說才有意義呢？

Sure. Listen, we're only looking to change contracts structurally when it makes sense, as you said. And when does that make sense? It usually makes sense towards the latter end when the mines really mature, the grades come off and it depends on what commodity price cycle you're in. So we're not out there looking to make amendments.

當然。聽著，正如您所說，我們只希望在合理的情況下從結構上改變合約。什麼時候這才有意義？這通常在後期才有意義，當礦場真正成熟時，品味就會下降，這取決於你所處的商品價格週期。所以我們並不是想做出修改。

Our partners typically come to us and say, listen, this is what we're seeing. We want to make an expansion, and we want to continue to drill this project, but it doesn't make sense because the project is taking too much of the economics. Usually we'll come in. We'll look at ways to actually expand our overall portfolio through other streams other opportunities that they may have changed the areas of interest -- so where we give up value, we always get value. We're not just giving up amendments to our shareholders' detriment.

我們的夥伴通常會來找我們說，聽著，這就是我們所看到的。我們想要擴建，我們想要繼續鑽探這個項目，但這沒有意義，因為這個項目佔據了太多的經濟成本。通常我們會進來。我們將研究透過其他管道和其他可能改變我們興趣領域的機會來實際擴大我們的整體投資組合的方法——因此，我們放棄價值的地方，總是獲得價值。我們放棄修正案並不會損害股東的利益。

I'd say, Derick, as well. That's one of the reasons that we monitor very closely the health of all of our assets so that we're aware of how these streams are doing and at what point and what things are actually negotiable. But as Haytham said, really, it is we need to get value back for any of those amendments that we do.

我想說，德里克也是如此。這就是我們密切監控所有資產健康狀況的原因之一，以便我們了解這些資產流的運作情況以及在什麼時候和什麼事情實際上是可以協商的。但正如海瑟姆所說，實際上，我們需要為我們所做的任何修改獲得回報。

Great. Thank you for that.

偉大的。謝謝你。

Thanks, Derick.

謝謝，德里克。

Brian MacArthur, Raymond James.

布萊恩麥克阿瑟、雷蒙詹姆斯。

Good morning. Thank you for taking my question. I kind of want to go back to what Tanya was talking about. When you talk about these $500 million to $1 billion deals now, are they what I would call Salobo deals where it's $1 billion of streaming? Or are they more $500 million streams and say, $300 million of equity and other things?

早安.感謝您回答我的問題。我有點想回到 Tanya 談論的話題。當您現在談論這些價值 5 億到 10 億美元的交易時，它們是否就是我所說的 Salobo 交易，即價值 10 億美元的串流交易？或者它們更多的是 5 億美元的資金流和 3 億美元的股權及其他東西？

And just in general, if you can maybe comment as you do more of these full funding packages. What sort of ratio you look for in the stream component of the deal on a full value basis? Because obviously, the streaming model is very unique and nice and tends to get a better multiple than maybe equity does if you're buying that in a deal.

總的來說，如果您能對這些全額融資方案做出更多評論，我們能做到嗎？您在交易的流組成部分中以全價為基礎尋找什麼樣的比率？因為顯然，串流媒體模式非常獨特和優秀，如果你在交易中購買它，它往往會獲得比股權更好的倍數。

Sure. Happy to answer the question, Brian. It's Haytham again. I would say the streams are our core business. So when we're talking $500 million to $1 billion in streams or royalties. That's the primary contract. That's not looking at revolvers or working capital facilities or equity or debt. That's just what we're looking at from a streaming perspective. There are opportunities, obviously, where we will come in and provide a big chunk of the overall funding. But we typically like to see some -- the counterparty on [subscan] the game.

當然。很高興回答這個問題，布萊恩。又是海瑟姆。我想說串流媒體是我們的核心業務。因此，當我們談論 5 億到 10 億美元的串流媒體或版稅時。這是主要合約。這並不是考慮循環信貸或營運資金或股權或債務。這正是我們從串流媒體角度所看到的情況。顯然，我們有機會介入並提供一大部分資金。但我們通常喜歡看到一些東西——遊戲中的對手。

To answer your second question, is there a ratio. I would say, at -- if we're going to put up anything that's not a stream, at least 80-plus percent of that value has to be a stream.

回答你的第二個問題，是否有比例。我想說的是——如果我們要發布任何非流的東西，那麼至少 80% 以上的價值必須是流。

Great. Thanks for very much. Very clear.

偉大的。非常感謝。非常清楚。

And with that, thank you, everyone, for your time today. Q1 set a strong foundation for what we expect will be another strong year as Wheaton portfolio of high-quality assets sector-leading growth profile and commitment to sustainability provides our stakeholders with a solid outlook for the future.

最後，感謝大家今天抽出時間。第一季為我們預期的又一個強勁年份奠定了堅實的基礎，因為惠頓的優質資產組合、行業領先的成長狀況以及對永續發展的承諾為我們的利害關係人提供了堅實的未來前景。

In times of economic uncertainty, gold is viewed as a reliable store of value, and our Q1 results demonstrate why we believe Wheaton offers one of the best lower-risk opportunities for investors seeking exposure to gold and precious metals. We look forward to speaking with you all again. Thank you.

在經濟不確定時期，黃金被視為可靠的價值儲存手段，我們的第一季業績證明了為什麼我們相信惠頓為尋求投資黃金和貴金屬的投資者提供了最佳的低風險機會之一。我們期待再次與大家交談。謝謝。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。